Highlights Q4/2022
Highlights FY2022
Figures are in millions of euros unless otherwise stated and have been rounded. Hence the sum of individual figures may differ from the total shown. Puuilo’s financial year starts on 1 February and ends on 31 January the following year. The figures in parentheses refer to the comparison period the previous year, unless otherwise stated. The information in this report is unaudited.
Key figures
EUR million
Q4/2022
Q4/2021
2022
2021
Net sales
68.3
62.3
296.4
270.1
Net sales development (%)
9.7%
15.1%
9.7%
13.2%
Like-for-like store net sales development (%)
6.8%
3.1%
5.5%
2.6%
Online store net sales development (%)
12.0%
-11.8%
3.9%
20.8%
Gross profit
24.8
22.6
107.2
99.6
Gross margin (%)
36.2%
36.3%
36.2%
36.9%
Adjusted EBITA*
9.7
9.8
48.8
48.4
Adjusted EBITA margin (%)*
14.2%
15.7%
16.5%
17.9%
EBITA*
9.7
9.8
48.2
45.6
EBITA margin (%)*
14.2%
15.7%
16.2%
16.9%
EBIT
9.4
9.5
47.0
44.5
EBIT margin (%)
13.8%
15.3%
15.9%
16.5%
Net income
6.7
6.5
35.1
31.9
EPS (EUR)
0.08
0.08
0.41
0.38
EPS excl. listing expenses (EUR)
0.08
0.08
0.42
0.42
Dividend (EUR per share)
0.34**
0.30
Operating free cash flow
3.9
-7.2
52.7
10.8
Net debt / adjusted EBITDA
1.5
1.7
1.5
1.7
Number of stores (at the end of the period)
37
34
37
34
Number of personnel converted into full-time employees (FTE)
669
643
693
663
Puuilo’s financial year starts on 1 February and ends on 31 January the following year
* Operating profit before the amortisation of Puuilo trademark
** Board of Directors’ proposal
Earnings per share has been calculated for all periods presented considering the free-of-charge share issue (split) executed during the financial period 2021.
Outlook for the financial year 2023
Puuilo forecasts that net sales and adjusted operating profit (adjusted EBITA) for the financial year 2023 in euros will increase compared to the financial year 2022.
The forecast includes elements of uncertainty arising from the energy crisis, development of the COVID-19 pandemic, the war in
Puuilo’s long-term targets
There have been no changes in Puuilo’s long-term financial targets or growth expectations, announced in connection with the listing.
Puuilo’s long-term targets for the financial years 2021-2025:
CEO
Puuilo’s performance in financial year 2022 was strong. Our growth continued throughout the year. The operating environment can be described as changing and challenging. Covid-19 pandemic came to an end and life normalized in this consideration. Russia’s invasion of
In Q4, Puuilo’s net sales increased by 9.7% and the like-for-like net sales increased by 6.8%. We were able to continue to increase the number of customers. In Q4, we opened new stores in Tornio and Lieto. Q4 gross profit was 36.2%, remaining at almost previous year’s level. The gross profit was negatively impacted by the additional costs resulting from the high inventory levels, but we still managed to report a good gross margin. Adjusted EBITA was
For the full financial year, our net sales increased by 9.7% and the like-for-like net sales increased by 5.5%. We opened new stores in Sastamala, Tornio and Lieto. All new stores have had a solid start. Gross profit for the financial year 2022 was 36.2% (36.9%), a decrease compared to previous year due to temporarily increased storage costs. Adjusted EBITA increased and amounted to
Puuilo was able to maintain its profitability despite the challenging operating environment. We have been consistent, but moderate in passing-on higher purchasing prices to sales prices. We determinedly continued to implement our growth strategy and opened the above mentioned three new stores. We also increased the share of private label products to 20% of net sales while remaining good cost control. In the longer term, our target is to increase the share of private label products to 30%. These factors are well reflected in the Company’s result.
Going into 2023, the challenges of the operating environment are still present. Russia’s invasion of
We forecast that net sales and adjusted EBITA in euros will increase in the financial year 2023. The growth is supported by the opening of no less than five new stores in the current financial year. All new stores are located in or near to
The Board of Directors proposes for the Annual General Meeting that a dividend of
Puuilo’s growth continues.
To conclude this review of a strong year for Puuilo, I want to thank our customers, personnel and shareholders and wish everyone a happy spring!
Significant events after the end of the reporting period
Flagging notification
On
Proposal of the Shareholders’ Nomination Board
The shareholders’ Nomination Board of
The Nomination Board proposes that the remunerations of the members of the Board of Directors fees are same than the current remuneration fees.
Proposal for profit distribution
The Board of Directors of
The first instalment,
The second instalment,
As at the date of the proposal for the distribution of profit,
The distributable assets of
Financial statements
The Financial statements and the Report by the Board of Directors 2022 and will be published during week 16.
Annual General Meeting
Puuilo’s Annual General Meeting is planned for Tuesday
Next financial reports
Puuilo’s financial year starts on 1 February and ends on 31 January the following year. The company publishes Business reviews for the first and third quarter, a Half-year financial report and a Financial statements release.
Business review February – April 2023 on
Half-year financial report February – July 2023 on
Business review February – October 2023 on
All financial reports are published in English and in Finnish and are available at: https://www.investors.puuilo.fi/en/reports-and-presentations.
Conference call in English and webcast in Finnish
The report will be presented for analysts, investors, and the media on the publication date in English at
The conference call in English can be followed live at https://puuilo.videosync.fi/2022-q4-results. Asking questions requires participation in the conference call. You can access the teleconference by registering on the linkhttp://palvelu.flik.fi/teleconference/?id=10010324. After the registration you will be provided phone numbers and a conference ID to access the conference. If you wish to ask questions, please, dial *5 on your telephone keypad to enter the queue.
The webcast in Finnish will begin at
Recordings of both events will be available later the same day at Puuilo’s Investors website at https://www.investors.puuilo.fi/en/reports-and-presentations.
For further information, please contact:
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